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Nationalised Banks In India

Nationalised Banks In India To use financial institutions as the instrument of promoting economic and social development in a more purposeful manner and to overcome the monopoly over financial resources, the government of India nationalised 20 commercial banks during the tenure of Prime Minister of Indira Gandhi.

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On July 19, 1969, the first nationalisation of 14 banks took place with the following banks:

1. Bank of India

2. Union Bank of India

3. Bank of Baroda

4. Bank of Maharashtra

5. Punjab National Bank

6. Indian Bank

7. Indian Overseas Bank

8. Central Bank of India

9. Canara Bank

10. Syndicate Bank

11. United Commercial Bank

12. Allahabad Bank

13. United Bank of India

14. Dena Bank

On April 15, 1980 the second nationalisation took place with the following banks:

1. Andhra Bank

2. Corporation Bank

3. New Bank of India

4. Oriental Bank of Commerce

5. Punjab and Sind Bank

6. Vijaya Bank

In October 1993 the new bank of India was merged with Punjab National Bank, in March 2007, Bhart Overseas Bank merged with Indian Overseas Bank therefore, at present there are only 19 nationalised banks in the country besides the RBI.